| Investment Objective: |
The Morgan Stanley Bitcoin Trust (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that trade on NYSE Arca, Inc. (the "Exchange"). The Trust's investment objective is to seek to track the performance of bitcoin, as measured by the performance of the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate (the "Pricing Benchmark"), adjusted for the Trust's expenses and other liabilities. The Pricing Benchmark is calculated by CoinDesk Indices, Inc. (the "Benchmark Provider") based on an aggregation of executed trade flow of major bitcoin spot exchanges. The Pricing Benchmark is designed to reflect the performance of bitcoin in U.S. dollars. The Shares of the Trust are valued daily based on the Pricing Benchmark. In seeking to achieve its investment objective, the Trust will hold bitcoin. The Delegated Sponsor of the Trust is Morgan Stanley Investment Management Inc. (the "Delegated Sponsor"), a wholly-owned subsidiary of Morgan Stanley. |
